USDINR
Welcome to fresh week, Domestic unit is likely to commence Monday session with mild weaker note betweeen 81.70 - 81.80 level as dollar gained broadly as protests against COVID restrictions in China stoked uncertainty and dented sentiment, sending the yuan sliding and pushing nervous investors toward the safe-haven greenback.
The startup behind India's first private space launch plans to put a satellite into orbit in 2023 and expects to be able to do so at half of the cost of established launch companies, the founders of Skyroot Aerospace told Reuters in an interview.
Amazon Inc will shut down a food-delivery business it was testing in India, the e-commerce giant said on Friday, a day after it announced the winding down of its online learning platform for high-school students in the country.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - HOLD
INTRADAY RANGE – 82.10 (81.83 – 81.56) 81.29
THE CHINA UNREST
The COVID protests have flared across China and spread to several cities in the wake of a deadly fire in Urumqi in the country's far west, with hundreds of demonstrators and police clashing in Shanghai on Sunday night.
THE THAILAND
The Bank of Thailand will raise interest rates by a modest quarter-point on Wednesday for a third straight meeting, The widely-expected move, which would take the benchmark rate to only 1.25%, constitutes one of the tamest central bank tightening campaigns in the world, underscoring ongoing worries about growth in Southeast Asia's second-largest economy.
THE METAL
On Monday, Copper prices fell sharply amid growing civil unrest in China over renewed COVID-19 lockdowns, while gold prices edged lower as markets awaited more signals on U.S. monetary policy from key economic data this week.
Copper is trading down nearly 20% so far this year, as slowing economic growth across the world, due to rising inflation and interest rates, also weighed on metal demand.
Spot gold $1,752.08 an ounce, while gold futures fell 0.22% to $1,751.80 an ounce. Gold prices saw mild backwardation, where spot prices traded higher than futures prices, as the expiration of the December contract grows closer.
Top 5 things to watch in markets in the week ahead
Nonfarm payrolls
Fedspeak - on Wednesday
Retail stocks
Eurozone inflation - on Wednesday
China PMIs - on Wednesday
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